In case I foreclose my investment property, I am thinking of filing for chapter 13 bankruptcy to avoid my 2nd loan lender from suing me for the full loan amount of $170K.
My 1st question is when filing for chapter 13 bankruptcy, do I have the option of NOT including my credit cards (total of $32K)? I would do this only if for sure my FICO score won't go way down.
2nd question:
I read one of the exemptions i.e. protected from the creditors is minimum 75% of wages. So, does this mean, my monthly payment plan cannot be more than 25% of my monthly wages?
3rd question:
Does filing for chapter 13 bankruptcy fall under the State jurisdiction and not Federal? My marital status under Federal is single since Federal does not consider same-sex marriage as legal, and under California my status is married. There is difference in the homestead exemptions between single and married. I will need to get my primary home appraised to determine the equity. As a single, to protect lien on this property, I cannot have more than $50000 on the equity. As married with the property held as "tenants in common" and I am the only one filing, I can exempt the full amount.

